NFC payment
Near field communication( NFC) is a contactless induction-based technology that operates at a small distance of a few centimeters between the communication partners. Near field communication allows devices equipped with the appropriate NFC tags to exchange data with each other.
Banks use NFC technology for monetary transactions, for NFC payment. NFC technology can be used in mobile devices, smartphones or cell phones, where the mobile device can be loaded with an amount of money and used directly for mobile payment. Users can use it to pay their bills in stores or gas stations. However, the NFC technology can also be implemented in the cash or credit card as an NFC chip. The user can load the cash card at the ATM and use it for payment in the same way. All he needs to do is hold it near the reader. Unlike other transactions, payment with the cash card is made without entering account, PIN or transaction numbers.
Since money transactions are highly sensitive applications, certain security requirements underlying Common Criterias( CC) must be met and certified. This refers to the cell phone and smartphone operating systems to which the software must be adapted.